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New car sales increase

Year on year car sales increased by 20 percent in May.

Year on year car sales increased by 20 percent in May.

CAPE TOWN - Wesbank Vehicle Finance said on Monday new car sales has turned around since 2007.

The sales of new vehicles increased by 20 percent last month, compared to May 2011.

On average, an estimated 34,000 units were sold every May.

But the figure jumped to 40,000 last month.

Wesbank's Chris de Kock said the industry's looking up, following a grim period during the global recession.

"If you go back to 2007/2008, those were extremely lenient years for the motor industry."

De Kock said buying used cars was not a good option at the moment.

"We have a shortage of used cars now and obviously cars get turned over every three or four years, so there's a shortage of used cars.

"When there's a shortage of used cars there's high demand, low supply and the price of those used cars go up."

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